MOJO Organics Inc Reports 2020 Second Quarter Results
JERSEY CITY, NJ, August 19, 2020// -- MOJO Organics Inc (OTC: MOJO) reports its results of operations for the quarter ended June 30, 2020. The Form 10-Q was filed timely on August 14, 2020 with The United States Securities and Exchange Commission.
Highlights include:
• Q2 2020 Net Revenue was $437,878 an increase from $434,738 for the same period in 2019
• Operating Margin was 52% compared to 47% for the same quarter in 2019, a five-percentage points improvement
• Net income was $4,710 compared to a net loss of $97,437 for Q2 2019 a $102,147 improvement
During the second quarter of 2020 we focused on mitigating the negative impact of COVID19 on our sales. Due to the closure of hotels, corporate offices and many small businesses, we shifted our sales efforts to the grocery channel and online sales this focus will continue through December 31, 2020.
As of today, we have started to sell our line of USDA Organic coconut water in 11.1 oz slim cans and one-liter PET bottles. Pictures of both products are below in the press release. Also, during the last several months, we have developed a female centric line of sparkling beverages that we anticipate launching in 2021. They are 100% USDA Organic and Non-GMO Project Verified. These products are on our website and a picture of the beverage line B E L L A D O N N A is below.
We are actively marketing Belladonna on the Range Me platform due to the challenges of in-person buyer calls due to COVID19.
We continued to simplify our capital structure and financial reporting to provide investors a pedestrian view of our company’s results of operations, financial condition and stock ownership. We believe this helps investors make a clear investment decision regarding the company thus mitigating discounts for risk factors that otherwise could not be quantified because of overly complex financial reporting and overly complex capital structure.
The company has one class of stock and no convertible debt. As of August 19, 2020, the company had 505,608 options outstanding with an exercise price of 16 cents per share that expire April 6, 2022, they are held by the Chairman & CEO of the company. On August 19, 2020, 1,500,000 warrants held by Wyatt expired. There are no other convertible instruments or warrants outstanding.
The company will continue the repurchase of shares during the remainder of 2020 and will consider extending this beyond 2020. We ask shareholders that would like to have their shares purchased by the company to call 929 264 7944.
During the first 46 days midpoint of the September quarter orders & sales increased to $370,658, a 48.5% increase over the same period in 2019.
For additional information call Glenn Simpson 929 264 7944 OTC: MOJO
Note:
The global COVID19 pandemic has caused disruptions in supply chains, affecting production and sales across a range of industries. While this disruption is currently still expected to be temporary, there is uncertainty around the duration.
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